Ageas reported strong results for the first three quarters of 2014, with insurance net profit up 16% to EUR 579 million driven by positive results in the third quarter. Gross inflows grew 10% to EUR 19.5 billion, with strong growth in Asia and Continental Europe offsetting declines in Belgium and the UK. While the group net profit declined 45% to EUR 282 million due to losses in the general account, shareholders' equity reached EUR 9.9 billion and insurance solvency ratios remained high at over 200%.

1. 9M
Periodical Financial Information/ Press
2014 RESULTS

2. Strong Q3 in Life & Non-Life Group net result driven by Insurance – Q3 positive on RPN(I) Shareholders’ equity up to almost EUR 10 billion
Insurance net profit of EUR 579 million (+16%) – Q3 EUR 239 million
Gross inflows @ 100% of EUR 19.5 billion (+10%) – Q3 EUR 5.7 billion
Non-Life Combined ratio at 99.6% (vs.97.0%) – Q3 at 94.8%
Life Operating margin at 0.84% (vs.0.80 %) – Q3 at 0.82%
Life Technical Liabilities at EUR 72.7 billion* (+5% vs. FY 13)
Group net profit of EUR 282 million (-45%) – Q3 EUR 251 million
General Account net result of EUR (297) million – Q3 EUR 12 million
Shareholders’ equity at EUR 9.9 billion or EUR 44.75 per share !! Unrealised Gains/Losses up to EUR 2.6 billion, EUR 11.28 per share
Insurance solvency at 214%, Group solvency at 206%
Net cash position General Account at EUR 1.5 billion
Main messages Ageas posts strong 9M Insurance results
Periodic financial Information Press I 9M 14 Results I 5 November 2014
1
* Consolidated entities only

3. Gross inflows @ 100% Growth driven by China, Thailand & Luxembourg
Periodic financial Information Press I 9M 14 Results I 5 November 2014
2
EUR mio9M 139M 149M 139M 149M 139M 14Belgium75%2,996 2,907 (3%)1,425 1,461 2%4,422 4,368 (1%) United Kingdom79 100 26%1,669 1,746 5%1,748 1,846 6% Consolidated entities79 100 26%1,269 1,333 5%1,348 1,432 6% Non-consolidated JV's400 414 3%400 414 Tesco50%400 414 3%400 414 0%0 0 Continental Europe2,871 3,475 21%800 813 2%3,671 4,288 17% Consolidated entities1,358 1,225 (10%)335 351 5%1,693 1,576 (7%) Portugal51% - 100%1,087 946 (13%)190 201 5%1,278 1,147 (10%) France100%271 279 3%271 279 3% Italy25%144 151 144 151 Non-consolidated JV's1,513 2,250 49%465 462 1,978 2,712 37% Turkey (Aksigorta)36%465 462 465 462 Luxembourg (Cardif Lux Vie)33%1,513 2,250 49%1,513 2,250 49%0Asia7,327 8,363 14%598 600 0%7,926 8,963 13% Consolidated entities341 341 (0%)341 341 (0%) Hong Kong100%341 341 (0%)341 341 (0%) Non-consolidated JV's6,986 8,023 15%598 600 0%7,585 8,623 14% Malaysia31%479 412 (14%)437 430 (2%)917 842 (8%) Thailand31%-15%1,133 1,309 16%161 170 6%1,294 1,479 14% China25%5,287 6,221 18%5,287 6,221 18% India26%87 81 (7%)87 81 (7%) Ageas13,274 14,846 12%4,493 4,620 3%17,767 19,465 10% #DIV/0!############ Consolidated entities4,775 4,573 (4%)3,029 3,145 4%7,804 7,718 (1%) Non-consolidated JV's8,499 10,273 21%1,464 1,475 1%9,963 11,748 18% Life Non-LifeTotal

4. Belgium UK CEU Asia Total Ageas
Life Non-Life Life Non-Life Life Non-Life Life Non-Life Life Non-Life
Gross inflows @ Ageas’s part Strong growth in emerging markets, hampered by foreign exchange impact
In EUR million
Periodic financial Information Press I 9M 14 Results I 5 November 2014
3
2,247 2,181 79 100 1,330 1,511 2,178 2,443 5,834 6,234 1,069 1,096 1,470 1,540 301 338 159 158 2,999 3,132 (1%) 6% 13% 11% 6% 3,316 3,276 1,549 1,640 1,630 1,849 2,337 2,601 8,833 9,366 9M 139M 149M 139M 149M 139M 149M 139M 149M 139M 14

5. Insurance net result
Further up despite negative foreign exchange impact, all segments up except UK
Belgium
UK
CEU
Asia
Total Ageas
Life Non-Life
Life Non-Life Other
Life Non-Life
Life Non-Life
Life Non-Life Other
12 26 12 26
190
282
(2)
2
36 35
87
123
311
442
57
39
77 52 26
8
14
12
174
112
247
321
87
80
63
43
101
135
497
579
9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14 9M 13 9M 14
In EUR million
Periodic financial Information Press I 9M 14 Results I 5 November 2014 4

6. 12 26
9M 13 9M 14
Other Life Non-Life
3 20
55
63
Q3 13 Q3 14
4.5
4.6
9M 13 9M 14
Life Non-Life
3.8 4.2
1.4
1.5
5.3 5.7
Q3 13 Q3 14
9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14
Net result: Q3 supported by cap
gains & legal settlement in UK
In EUR million In EUR billion
Non-Life combined ratio: recovering
from floods & storms, solid Q3
Gross inflows*: strong growth in Asia
& CEU
In EUR billion
Total Insurance: Headlines
Strong 9M results – Excellent Q3
Periodic financial Information Press I 9M 14 Results I 5 November 2014 5
Life Technical liabilities up both in
conso & non conso
Operating margin Guaranteed: strong
margin in Belgium
Operating margin Unit-linked: lower
fee income in Portugal
In % avg technical liabilities In % avg technical liabilities
311 442
110 156
174
112
497
579
168
239
13.3 14.8
17.8
19.5
97.0% 99.6% 97.3% 94.8% 0.87% 0.98% 0.85% 0.96%
0.47%
0.20%
0.56%
0.22%
* incl. non-consolidated partnerships @ 100%
In % NEP
69.2 72.0 72.7
40.9
41.8 50.0
FY 13 6M 14 9M 14
Conso Non-conso
110.1 113.8
122.7

7. 9M 13 9M 14 9M 13 9M 14
Periodic financial Information Press I 9M 14 Results I 5 November 2014 6
In EUR million In EUR
billion
In EUR billion
Belgium : Headlines
Strong 9M performance; Q3 incl. EUR 59 million benefit from real estate transactions
In % avg technical liabilities
In % avg technical liabilities
39
9M 13 9M 14
Life Non-Life
68
95
19
33
Q3 13 Q3 14
3.0 2.9
1.4 1.5
4.4 4.4
9M 13 9M 14
Life Non-Life
0.9 0.8
0.4 0.4
1.3 1.3
Q3 13 Q3 14
Q3 13 Q3 14
In % NEP
Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14
97.6% 101.9% 97.9% 94.4%
0.40%
0.51%
0.32%
0.44%
0.84% 0.98% 0.85% 0.98%
190
282
57
247
321
87
* incl. non-consolidated partnerships @ 100%
129
53,2 55,5 56,1
FY 13 6M 14 9M 14
Net result: solid Q3 supported by
real estate trans & strong Non-Life
Gross inflows stable. Trend similar
to previous quarters
Life Technical liabilities: mostly
up on Unrealised Gains/Losses
Operating margin Guaranteed:
above target; mainly benefit real
estate
Non-Life combined ratio: recovering
from June hailstorm; excellent Q3
Operating margin Unit-Linked:
recovery to 0.32% from a low Q2

8. 9M 13 9M 14
In EUR million
United Kingdom: Headlines
Continued strong recovery in Q2 & Q3
Periodic financial Information Press I 9M 14 Results I 5 November 2014
(2) 2
12
26
77
52
87
80
9M 13 9M 14
Life Other Non-Life
Q3 13 Q3 14
96.9% 99.3%
98.0% 96.6%
In EUR billion
In % NEP In EUR million
0.1 0.1
1.7 1.7
1.7 1.8
9M 13 9M 14
Life Non-Life
0.0 0.0
0.6 0.6
0.6 0.6
Q3 13 Q3 14
9M 13 9M 14
59
81
Q3 13 Q3 14
181 209
* incl. non-consolidated partnerships @ 100%
(0) 1
3
20
26
29 27
48
Q3 13 Q3 14
7
Net result: Legal settlement (EUR 23
million) helps offset weather impact (EUR
36 million)
Gross inflows* up 6%, flat
excluding FX
Non-Life combined ratio: below 100%
after solid Q2 & Q3
Other Income: incl. legal settlement
(EUR 23 million – EUR 17 million in Q3)

9. Net profit declined due to strengthening
reserves in Turkey vs one-off in 9M 13
In EUR million In EUR billion
Excellent Non-Life combined ratio further
improved in A&H and Motor
227%
Gross inflows*: strong sales in Luxembourg
In EUR billion
Continental Europe: Headlines
Lower result in Turkey drives net profit CEU down
**
Operating margin Guaranteed: lower U/W
& investment margin
Periodic financial Information Press I 9M 14 Results I 5 November 2014 8
In % avg technical liabilities
Operating margin Unit-Linked: lower fee
income in Portugal
In % avg technical liabilities
36 35
26
8
63
43
9M 13 9M 14
Life Non-Life
11
7
6
17
5
Q3 13 Q3 14
2.9
3.5
0.8
0.8
3.7
4.3
9M 13 9M 14
Life Non-Life
1.0 1.2
0.2
0.2
1.3
1.5
Q3 13 Q3 14
9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14
94.5% 90.7%
92.4% 89.3%
0.89% 0.69% 0.79% 0.46%
0.56%
0.11%
0.64%
In % NEP
* incl. non-consolidated partnerships @ 100%
13.9 14.2 14.2
15.0 15.9 16.9
28.9 30.1 31.1
FY 13 6M 14 9M 14
Conso Non-conso
(0.01%)
Life Technical liabilities up 7% driven
by Luxembourg

10. 14
12
9M 13 9M 14
Life Non-Life
14
12
9M 13 9M 14
Life Non-Life
Net result: business growth & good
financial performance
In EUR million In EUR billion
Non-Life combined ratio improved
reflecting solid underwriting
Gross inflows growth fuelled by
China & Thailand
Life Technical liabilities up
across all entities
In EUR
billion
Asia: Headlines
Strong profits supported by new business growth Life
Periodic financial Information Press I 9M 14 Results I 5 November 2014 9
**
In % avg technical liabilities In EUR million
Life operating margin Hong Kong:
up on increased investment margin
Result non-conso partnerships:new
business growth & financial result
7.3
8.4
0.6
0.6
7.9 9.0
9M 13 9M 14
Life Non-Life
1.9 2.1
0.2
2.1 0.2
2.3
Q3 13 Q3 14
9M 13 9M 14 Q3 13 Q3 14 9M 13 9M 14 Q3 13 Q3 14
94.8%
89.9%
95.9%
91.4%
1.41% 1.73%
1.22%
2.20%
87 123
101
135
79 111
93
123
In % NEP
* incl. non-consolidated partnerships @ 100%
30
47
4
4
34
51
Q3 13 Q3 14
31
53
4
4
35
57
Q3 13 Q3 14
2.0 2.1 2.3
25.9 25.9
33.1
27.9 28.0
35.4
FY 13 6M 14 9M 14
Conso Non-conso

11. 9M 13 9M 14
Q3 13 Q3 14
Q3 13 Q3 14
Net result driven by revaluation
RPN(i), positive in Q3
In EUR million
Accounting value of remaining
legacies
General Account: Headlines
Impacted by revaluation RPN(I) liability & legal provision
Periodic financial Information Press I 9M 14 Results I 5 November 2014 10
Accounting value put option
In EUR million
In EUR
million
9M 13 9M 14
1.9
1.6 1.5
FY 13 6M 14 9M 14
(297)
RPN(I): positive in Q3 following
lower price CASHES
Staff & Operating expenses down
Net cash position: decrease driven
by distribution to shareholders
13 14
20 16
33 31
9M 13 9M 14
Staff Operating
In EUR million
In EUR million
In EUR billion
(370)
(527) (494)
37 29 30
(130)
(130)
FY 13 6M 14 9M 14
RPN(i) RPI FortisEffect
5 5
8
5
13
10
Q3 13 Q3 14
(124)
(108)
33
1,255 1,282
1,443
FY 13 6M 14 9M 14
15
(127) 12
(114)

12. 1,913
1,517
(309)
(159)
(7) (85)
(9) (126)
385 (8-7)
FY 13 dividend share
buy-back
CASHES
& FRESH
investment
in liquid
assets
upstream capital
restructuring
M&A other 9M 14
Periodic financial Information Press I 9M 14 Results I 5 November 2014 11
Net cash position General Account at EUR 1.5 billion
Incoming cash partly returned to shareholders, partly invested in business
 EUR 126 million invested in acquisition of remaining 49% in Portuguese Non-Life activities
 EUR 1.4 dividend par share paid out in May 2014
– paid dividend & holding costs compensated by dividend upstream from operating companies on FY basis
 EUR 159 million share buy-back executed in 9M 14, EUR 125 million from 2013 SBB, EUR 34 million from 2014
SBB
– total of EUR 147 million as per 01/11/2014
 Around EUR 140 million of liquid assets with original maturity longer than 1 year are not included in net cash
position
In EUR bn

13. Periodic financial Information Press I 9M 14 Results I 5 November 2014
12
Status on various legal procedures
Timing & (financial) outcome remains hard to estimate
2014 expected next steps
Brussels Commercial Court re Sep/Oct 2008 transactions (Modrikamen) – interim judgement on procedural matters expected – pleadings on the merits in 2015
February 11 Claim re FRESH hybrid instrument dismissed by Brussels Court
Sep- Dec 10 Ageas starts legal procedure against Dutch State & Abillion AMRO to obtain compensation in return for conversion MCS (Mandatory Convertible Securities) into Ageas’ shares
Ageas initiator
Against Ageas
February 12 billionP P tender for CASHES & subsequent conversion into Ageas shares – partial settlement of RPN/RPN(I) – call Fortis Bank Tier 1 Debt Securities
February 12 Utrecht court re communication Q2 2008 in favour of plaintiffs, appeal filed
March 12
Brussels Commercial Court rules in favour of Ageas in MCS-case, appeal filed
2011
2012
2009... 2010 ...
December 13 Supreme Court rejects appeal against judgement Ondernemingskamer re mismanagement mainly in favour of plaintiffs
June 12 Agreement with Abillion AMRO to settle legal proceedings concerning FCC & MCS, closing all outstanding disputes with Dutch State
2013
June 13 Fine imposed by FSMA, appeal filed
February 14
Trade & Industry Appeals Tribunal renders final judgment on AFM II in favour of Ageas
2014
March 14 T&I A Tribunal rejects appeal in AFM I
July 14 Amsterdam Court of Appeal judges partly in favour of plaintiffs; appeal filed before Supreme Court

14. Periodic financial Information Press I 9M 14 Results I 5 November 2014 13
Shareholders structure
Based on number of shares as at 01 November 2014
Based upon press release 4 August 2014
Based upon the number of shares mentioned in the notification received 6 May 2013
Based upon the number of shares mentioned in the notification received 2 June 2014
Based upon the number of shares mentioned in the notification received 5 August 2014
Based upon the number of shares mentioned in the notification received 22 July 2013
Based upon the number of shares mentioned in the notification received 20 August 2012
Estimate by
Estimate by
Ageas
3.63%
Ping An
BlackRock, Inc.
Schroders
Franklin Mutual
Advisers
Norges Bank Identified retail
investors
16%
Identified
institutional
investors
41%
Other investors
20%

15. Periodic financial Information Press I 9M 14 Results I 5 November 2014
14
Financial calendar 2014 - 2015
12 February Annual results 2013
8 May 3M 2015 results
29 April Ordinary & Extraordinary shareholders’ meeting - Brussels
6 May Ex date
6 March Annual report 2013
8 May
Payment 2013 dividend
5 August 6M 2015 results
4 November 9M 2015 results
5 November 9M 2014 results

16. Strong operational & financial performance in Q3
Shareholders’ equity historically high due to low interest rate environment
Diligent execution of share buy-back
Conclusions: positive trend continued
Periodic financial Information Press I 9M 14 Results I 5 November 2014
15

17. Periodic financial Information Press I 9M 14 Results I 5 November 2014
16
Disclaimer
Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Future actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in Ageas’s core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) increasing levels of competition, (ix) changes in laws and regulations, including monetary convergence and the Economic and Monetary Union, (x) changes in the policies of central banks and/or foreign governments and (xi) general competitive factors, in each case on a global, regional and/or national basis. In addition, the financial information contained in this presentation, including the pro forma information contained herein, is unaudited and is provided for illustrative purposes only. It does not purport to be indicative of what the actual results of operations or financial condition of Ageas and its subsidiaries would have been had these events occurred or transactions been consummated on or as of the dates indicated, nor does it purport to be indicative of the results of operations or financial condition that may be achieved in the future.